By Veronica Grecu, Associate Editor
The Philadelphia Inquirer reports that real estate investment trust Liberty Property Trust is close to completing the financing for a new Marriot hotel that would be located in the city’s Navy Yard complex. The announcement is to be made public later this week by officials from the Philadelphia Industrial Development Corp. (PIDC) who have invited members of the city’s hospitality industry to participate in an official event at the site.
This is not the first development to be initiated by Liberty Property Trust at the Navy Yard. According to the Inquirer, the company owns the office buildings for GlaxoSmithKline, Tastykake, and Iroko Pharmaceuticals—all built according to a master plan agreed upon in 2003 between Liberty Property Trust and the PDIC. Though details such as the number of rooms and estimated construction costs are yet to be revealed, the Inquirer says that the developer is Long Beach, CA-based Ensemble Hotel Partners L.L.C. but the financing partner has not been finalized.
Also worth mentioning in hospitality news is the completed renovation of the indoor pool at the Marriot-branded Fairfield Inn Philadelphia Great Valley/Exton. According to a recent press release, the renovation included a complete resurfacing of the pool with new plaster, new in-pool tiles and coping. New pool furniture and in-door plants were added for an extra touch of style and home-like comfort intended to provide the hosptitality property a competitive edge.
Image courtesy of Liberty Property Trust